Retention Rules for Tax Records

I'm wondering whether anyone in the private equity/hedge fund/investment adviser sector has dealt with this issue.  As an investment adviser/money manager, we deal with (1) corporate tax returns, (2) fund entity tax returns, and (3) investment asset tax returns.  The retention trigger for these various series of records is not necessarily the same, however it's possible to apply a big bucket, "longest retention covers all" approach.  Doing so extends the retention of many types of tax records beyond what may be legally required, but it simplifies the retention activity and generally won't adversely affect the organization.  Have any of you done this for tax records?  If so, what about international jurisdictions where the tax laws require a longer retention than US laws?  Do you include these in the big bucket as well?  I'd be interested in hearing from anybody that has dealt with this issue.  Thanks.